But in big-time academia, CEO pay often trails the CIO and probably the football and basketball coaches as well. Paula Volent, Bowdoin Colleges chief investment officer, announced she will leave her post June 30, 2021, at the end of the current academic year, to pursue the next chapter in what has been a varied and tremendously successful career at the College. The Endowment is managed by a professional investment staff within the NYU Investment Office. In addition to running her own conservation business, she served stints with the National Gallery of Art in Washington, D.C., the Los Angeles County Museum of Art, the Palace of Fine Arts in San Francisco, and the New-York Historical Society, among other organizations. Over the duration of her career in Brunswick, Volent oversaw the growth of Bowdoins endowment from $465 million to its current $2.4 billion valuationgrowth which has fundamentally altered the Colleges financial capabilities and enabled it to be one of 19 need-blind colleges nationwide in its admissions policies and meet full demonstrated financial need with zero loans. We doubt if anyone is going to top it. 29. Copyright 20042023 The Rockefeller University. Bowdoin College's endowment return of 14.4 percent -- the best among schools so far this year -- was fueled by a portfolio built around top-performing private equity and hedge funds, said . Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . Middlebury Institute of International Studies at Monterey Volent went back for her Masters degree in art conservatorship at NYU and then went west, working at the L.A. County Museum of Art and San Franciscos Palace of Fine Arts as a paper conservator before starting her own private art conservation business outside of Los Angeles. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. Volent previously worked for Yale University CIO David Swensen and managed Bowdoins endowment alongside billionaire investor and Bowdoin College Investment Committee Chair Stan Druckenmiller, an alumnus of the college. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 Rockefellers endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly 30 percent to the operating budget each year, directly supporting its ability to fund laboratories, pay salaries, and invest in new technology. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. "Investment does not occur here at Williamstown," Chilton told The Record, "and so we need to have an office at a financial capital, which in this case is Boston.". COVID-19 Testing and Response Team Specialist. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. Im sure I speak for my colleagues on the Board and in University leadership when I say how thrilled we are to be able to look forward to a continuation of the highest caliber of leadership with Paula Volent at the helm in the Universitys investment office., I have known Paula for almost twenty years, both professionally and personally, and I am deeply gratified that she will be coming to Rockefeller, says Scott Bessent, chair of the Investment Committee of the Board of Trustees. K. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College, where he will be responsible for managing the College's $1.8 billion (as of June 30, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. He previously was director of real assets for the Gordon and Betty Moore Foundation for nearly 12 years, and before that was associate director of investments at the Carnegie Corporation of New York for over four years. All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. Work at the Investment Office centers on selecting and monitoring investment . Bryant will take the helm a little more than a year after joining Bowdoins investment office. Year in and year out, working with her team and the investment committee, Paula has produced consistently outstanding investment returns, outpacing virtually every other college and university endowment in the nation over the short, medium, and long term, Bowdoin College president Clayton Rose said in a statement. These are the employers against which the university competes for talent recruitment and retention.. Mills added that his interlocutor aggressively opined that he would support neither Bowdoin nor his own alma mater "because of all your misplaced and misguided diversity efforts.". We'll never use your email for anything other than this newsletter. Bowdoin also offers internships to students every summer in the Brunswick investment office; it is not known whether these internships will be available in New York. Sometime this past February, a self-proclaimed "doddering alum" of the Class of 1976 joined the elite club of individuals who have clicked the "Ask Us Anything" button on the Orient Express. Chief Investment Officers vs. University Presidents. The average Community Reinvestment Officer salary in Abbot, ME is $78,226 as of February 27, 2023, but the range typically falls between $55,781 and $98,510. It is invested globally across a diverse range of . We wanted this chart to be a book-end to our reporting of investment performance for FY2017. The College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. Search Bowdoin College Search. In calendar year 2009the most recent for which data is availableshe was Bowdoin's highest paid employee, with a compensation package worth $772,873. Niles Bryant Senior Vice President and Chief Investment Officer. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. In the aftermath of the January 6 attack on the Capitol, the College is presenting a series of discussions with leading experts on the current state and futu. Jean's life was one of great love and devotion for her husband, David, with whom she was . This content is from: A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. 5 free lookups per month. Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . Rockefellers endowment provides critical support for the innovative science performed in our laboratories, studies that have set the pace for progress in biomedicine since the institutions founding in 1901. New York Law Journal. $1,249,740. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. Members were drawn from the board of trustees, faculty, administrative and support staff, student body, and alumni community and announced May 20, 2022, by trustees Sydney Asbury 03 and Bertrand Garcia-Moreno 81, P17, the search committees cochairs, and by Robert F. White 77, P15, chair of the board of trustees. 30. But, in an upcoming supplement to this letter, well look at recent historical trends in CIO pay, and will even daringly attempt to extrapolate what current (calendar 2018) pay may be for some of these CIOs based on that trendline. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. Starting right in the middle of the dot-com bubble, Volents first task was damage control; she managed to hold losses to just $15 million of the endowments $465 million valuation when she first came on board. Always free. Read Bio Covid-19 Response Team. About half the schools in the $500 million $1 billion range also have a dedicated CIO or equivalent, but they are omitted here, however well paid they may have been. Bryants appointment is effective July 1, 2021. Before submitting a comment, please review our comment policy. Always high-quality. During this recent challenging period, Niles has worked side by side with me and our Investment Committee on managing Bowdoins portfolio, augmenting the investment team, and carrying out our due diligence on potential opportunities. Patricia Ribeiro Promoted to Co-CIO of Global Growth Equity at American Century Investments. As of June 30, the endowment had returned 10.7 percent over the last three years, 8.5 percent over five years, and 11.6 percent over ten years, according to an Octoberannouncement from the college. For the record, the CIO back in CY2015 was Stephen Blyth who had total comp of $14.8 million (it was both his first and last year). Some key points from the policy: Go to content, skip over visible header bar, Orient article offers singular, alarming interpretation, President Rose, College community react to revealed Epstein ties with former trustee Jes Staley '79 P'11, Owner of At Last Spa promotes personal health and wellness practices, Graffiti at Bates being investigated as possible hate crime; Bowdoin students write letter in solidarity with protestors, Mckesson 07 H21 debuts fireside chats as first of this years honorary degree recipients, Shift in off-campus study policy now allows more students to go abroad for the fall, Professor of Government Chryl Laird to leave Bowdoin for University of Maryland. Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. from New York Universitys Institute of Fine Arts, and a B.A. . She will join the . Can an 'Agreement to Agree' Support Expectation Damages? Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. No hate speech, profanity, disrespectful or threatening comments. For example, because we are CIO-centric rather than school-centric, we report AUM for UTIMCO endowments as a whole and dont distinguish between U. of Texas and Texas A&M since the endowments are mostly handled as a single pool under a single CIO who earns a single paycheck. Early life and education. ), officer during the War of 1812 The average grant for all aided studentsfunds that do not have to be paid backis approximately $56,000 a year. Of the total endowment distribution in 20212022, approximately $38 million supported financial aid, accounting for approximately three quarters of Bowdoins $51 million financial aid budget. During her time at Bowdoin, Volent oversaw top-decile growth of the colleges endowment over the past one-, three-, five-, ten-, and twenty-year periods. Here are our top-ten highest paid endowment chief investment officers for calendar year-end 2015 compared to the pay of their respective presidents in the same period. The Foundation and Endowment Intelligence article, citing an unnamed source, said that the College "plans to relocate the investment staffsometime in the next few months." She holds a masters in business degree from the Yale School of Management. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. Chief Investment Officer Brown University . Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. The Bowdoin College endowment generated an investment return of -7.1 percent for the fiscal year that ended June 30, 2022, a highly volatile period for financial markets that saw the S&P 500 and the NASDAQ lose 10.6 percent and 23.4 percent, respectively. But its been like pulling teeth in many places. (Compensation as of calendar year-end 2015. Niles exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula, Bowdoin President Clayton Rose said in a statement. Here are their stories. Michelle Chamberlain. During the fiscal year, the endowment provided $81 million to the annual operations of the College, and because the actual cost of educating a student at Bowdoin is approximately $114,000, the endowment subsidizes every student, not just those receiving aid. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Private schools and some publics disclose it in IRS filings. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. If you have a good one (and Mr. Lundberg is very good), theres always anxiety that someone with deeper pockets will whisk him or her away. Paula and her team have produced remarkable investment returns for Bowdoin that changed both the trajectory of the College and the lives of thousands of students who benefitted from the financial aid resources generated from its endowment, said Bowdoin College President Clayton Rose. Chief Investment Officers Institutional Asset Managers The Investment Office team and the Institute's Board of Trustee Investment Committee's goal is to provide increased support for the Institute's academic and research programs . Michael S. Hussey. The hitch is the long time-lag more than two years before the data is publicly available. Company Website. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. A search committee has been formed to identify the sixteenth president of Bowdoin College. Bowdoin College Names K. Niles Bryant CIO, Massachusetts Pension Fund Increases Corporate Diversity Standards. I have known Paula for my entire investing career and have always admired her investment judgment, passion for markets, and dedication to Bowdoin, noted Bryant. Kathleen E. Jacobs , Chief Investment Officer Skip Sidebar. Many details about the office remain unknown: Volent did not specify where in New York City the office is located, its physical size, or if there is a possibility that it will become the College's primary office in the future. Chief Investment Officer at Bowdoin College New York, New York, United States. All rights reserved. 2 Andrews Road. He received a big payout classified as other in calendar 2015. Were convoluted, but were consistent. Then, at the end of July, the publicly-listed Williams Companies (NYSE: WMB) announced her appointment to their board. She serves on a number of boards and investment committees including those of the National Gallery of Art, the Yale School of Management, The Rockefeller Foundation, the National Womens History Museum, Girls Who Invest, and MSCI. Volent didnt make her first investment until ten months into her new job, spending close to a year getting familiar with Bowdoins risk profile, the members of the Colleges investments committee and the money managers she would be working with in the future. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. This is typical compensation for a manager of an educational endowment the size of Bowdoin's, and it reflects the strong returns Volent has achieved in recent years. Her record in the short, medium and long term of investment returns is at the very highest of all colleges and universities of this country that has allowed our endowment to grow and the biggest piece of our endowment is dedicated to financial aid. Printed by Penmor Lithographers, Lewiston, Maine. The Investment Associate will participate in Investment Committee meetings and may have an opportunity to formally present in a group setting. Ms. Volent, who has had the top investment position at the Brunswick, Maine-based college since the . The Orient was unable to confirm if this is the case; beyond the statement issued by Volent, senior administrators contacted for this story declined to comment, as did several trustees and faculty with knowledge of the move. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . The Bowdoin College endowment generated an investment return of -7.1 percent for the fiscal year that ended June 30, 2022, a highly volatile period for financial markets that saw the S&P 500 and the NASDAQ lose 10.6 percent and 23.4 percent, respectively. Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. Matthew P. Orlando of Brunswick has been promoted to the position of senior vice president for finance and administration at Bowdoin . According to the Foundation and Endowment Intelligence report, the College is now looking to hire a head of private equity and a head of real assets. The Lewiston Police Department (LPD) has referred graffiti written in chalk on the campus of Bates College to the Maine attorney general, who is investigating the case as a possible hate crime. A first-generation college student herself, Volent earned her undergraduate degree in art history on a scholarship from the University of New Hampshire, a passion that turned into a full-fledged career before investing was ever on her radar. When she first started in 2000, the investments office position was barely recognizable from its current incarnationin fact, it was largely a one-woman job. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. The Boston College endowment exists to support the goals and operations of the University over the long term so that current and future students, faculty and staff benefit from investments. Wilshire Lays Out a Broader Asset Allocation, Kentucky Retirement System Trustees Say It Is Not Subject to State's Anti-ESG Law, Ohio State Pension Approves New Asset Allocation. April 16, 2021. Bowdoin's investment team is collaborative, research oriented, and performance driven. It has been a great honor to oversee Bowdoins endowment, said Volent. $1,200,798. Ms. Fuller, prudently, chose not to dignify these charges with any public comment. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). . His typical pay is less than half the total shown for CY2015. VICE PRESIDENT FOR ACADEMIC AFFAIRS. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. And, if NYSCRF held Williams (investment-grade) bonds, you can be sure that Ms. Williams a crack credit-analyst and bond maven in her previous jobs had the numbers to prove they were a suitable buy for her fund. And we need to give our thanks for that too., By NoahSaperstein • November 11, 2022, By MargaretBoyle • November 16, 2018, By MinaZanganeh and JulianaVandermark • 8 days ago. CHIEF INVESTMENT OFFICER IS OPTIMIZED FOR. Harvards CIO-of-record in FY2017 was Narv Narvekar. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. - Conducted research . The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . Updates on the University COVID-19 response and operations available, Clinical Research and the Rockefeller University Hospital, Chemers Neustein Summer Undergraduate Research Fellowship Program, Campaign for the Convergence of Science and Medicine, Experience Science, the Arts, and Culture, Meet the scientific leaders who are changing medicine, Peek inside our 71 biomedical laboratories, Learn more about our flexible, supportive academic programs, Learn about the breakthroughs happening every day, Hear from the worlds leading speakers and thinkers, Weve spent 122 years perfecting the bioscience institute. (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . K. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College, where he will be responsible for managing the College's $1.8 billion (as of June 30 . K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Content from before 2017 is preserved on this site, but there are no updates. Rather, it was the Walker Art Museum that housed her first office at the CollegeVolents first career was as a distinguished art historian and conservator, and her first job out of college was in Bowdoins museum, not its treasury. Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. Compensation is a delicate issue; but recruiters need to keep track of it. www.charlesskorina.com, THE SKORINA LETTER:Sign-up An outrage outfit called (appropriately) Sludge, with some like-minded media allies, produced a hit-piece which they called New York Pension Chief Cashes in on Natural Gas. In the corporate world, the CEO almost always commands the big bucks. Bowdoin College, Brunswick, Maine. Bryant joined Bowdoins investment office in April 2020 as director of investments, following sixteen years as an investment professional and earlier as an attorney specializing in capital markets and mergers and acquisitions.